Regulatory Alerts2017-01-01
EAC Gazette Directives 27th October 2017
This document promulgates multiple directives from the East African Community Council of Ministers aimed at harmonizing financial sector policies and regulatory frameworks across Partner States. Key directives establish mandatory standards for investor education and protection, self-regulatory organizations, takeover and merger conduct, market intermediary licensing, and anti-money laundering measures in the securities market. Partner States are instructed to enact, amend, and harmonize their national laws to comply with these provisions within one year of publication.
EAC Gazette Directives 27th October 2017
Directive of the Council of Ministers on the East African Community Securities Market (Investor Education and Protection)
Scope of Directive
This Directive shall apply to all investor education activities by the Competent Authorities and licensed market intermediaries and their agents in respect of the securities markets within the Community.
Objective
The objective of this Directive is to: (a) promote fair and equitable securities markets services practices by setting minimum standards for market intermediaries in the Partner States; (b) increase transparency in order to inform and empower investors in the securities market; (c) provide efficient and effective mechanisms for handling investor complaints relating to the provision of securities markets products; (d) establish a regulatory framework for the achievement and maintenance of investor education and protection that is fair, accessible, efficient, sustainable and responsible for the benefit of investors generally; (e) improve investor education and awareness and encourage responsible and informed investor choice and behaviour; (f) promote investor confidence, empowerment and the development of a culture of investor responsibility through individual and group education, vigilance, advocacy and activism.
[... The document continues with detailed directives on Self-Regulatory Organisations, Takeovers and Mergers, Licensing in the Securities Market, Anti-Money Laundering, Investor Compensation Funds, and Conduct of Business in the Securities Market ...]